22 December 2017, USD/JPY
Wave Analysis:
On the daily chart above, the US Dollar is currently being resisted by the upper trend line. As long as the price is contained below this trend line, we expect a possible rebound to short this pair with an ultimate target along the lower trend line. If the upper trend line is violated, then we expect a possible impulsive wave count to the upper side but should not go beyond the weekly resistance level 118.80. From the current set up, we expect a possible rebound to short this pair. the US Dollar should be traded alongside CADJPY, CHFJPY, AUDJPY and NZDJPY. These pairs have a strong positive correlation of up to +71% and will move in the same direction during this iintraday.
Trade Recommendations:
Expect a possible rebound from the upper trendline to short this pair towards 108.00
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